All Forum Posts by: Leo Hunter

Hey  Raheem are you still wholesaling in NYYC?

That is good advice. 

It seems like a deal like that is not possible for me at this time. I will have to work hard to save up about 50.

Other deals like that will come along at some other time. It is a tough one to pass up but I am not ready at the moment.

Don't get me wrong, I am not giving up, just, I need things in order.

@Michael Cohen

Thanks for the info. It's been 30 days but better late than never.

Hello Melvin,

My partner has about 8k down and I have about 5k.

Hello BP, 

A few weeks ago I started on my journey to investing in Real Estate properties. I think I might have found my first deal!!

I bought a foreclosure list and it is listed as a pre-forclosure. The property is close to a college and is 3 units. What is owed is 250k and the price of the house is about 401k. Even if I bought the property for 450 it would be a good deal. The location is PRIME and I should be able to get about 4-6k in rent a month.

I have two problems:

1. I am only now searching for hard money lenders as regular banks, so far won't give me a loan.

2. I have no idea how to approach the owner without seeming like a... vulture. 

Questions.

Anyone have any idea how to sell this to hard money lenders?

How do I speak to the owner without seeming like a complete P.O.S?

Ladies, Gents, I am so excited to be so close to this deal after gorging myself on the good advice the BP community provides.

!!!!!!!!!!!!!!!!!!

Congratulations,

I am at the start of my Real Estate investing  path and stories like yours really show me what is possible.

I think it is worth it, I think it is worth it deeply. In essence the house is 100k lower than it should be because of the drug dealers. If you can get them out and repair it should be worth it. I understand I only have one life. 

Hello!

I have been listening to bigger pockets for a few weeks now and I think I found my first deal!!! 

Talk about being super excited. I ran some initial numbers and things look amazing.

The property is going for 200k but the other houses in the area are about 300-350k, so that's a bit of a red flag.

It was bothering me so we did a walk by this evening. 

The short story is that we believe that the building is infested with drug dealers. This is worst than drug users.

You can pay drug users a coupla hundred bucks to walk away. Drug dealers... they are in it for the long haul.

We still like the deal, we believe after repairs the house will be worth 100k more than it is worth now and we can rent 

out units for at least 1k-1.2k a month, pretty amazing stuff.

HOW on earth can we get those dealers out of the building? We don't think it is a meth lab type situation but we are not sure.

EVERY  suggestion will be considered. It is a shame that a house like that is allowed to continue.

Thanks! I think that work around might work.

I am not sure if they will let me transfer but it's worth a shot when it comes up.

ps

I miss all that good weather in SD

Start now. 

Start reading, listening, talking about it. Get excited about it, get obsessed, make it a passion.

Also you can head over to Mrmoneymustache. He has great blogs on saving money that will help you with your goals.